Stamps to be used nonjudicial stamp paper under rule 6 or special adhesive stamp affixed by proper officer under rule 11. Stamp duty and registration laws regulate the rate of stamp duty to pay on various instruments of transfer of immovable property. Adapted and modified by the maharashtra adaptation of laws state. Full text containing the act, indian stamp act, 1899, with all the sections, schedules, short title, enactment date, and footnotes. An act to consolidate and amend the law relating to stamps and stamp duties in the state of bombay amended by born. Persons paying duty or penalty may recover same in certain cases 45. Maharashtra stamp act bombay chartered accountants society. Buy the maharashtra stamp act 2017 edition book online at best prices in india on.
An act to consolidate and amend the law relating to stamps and stamp duties in the state of bombay. Notwithstanding anything contained in the bombay stamp act, 1958, where courtfee is paid in a suit for partition in accordance with the provisions of clause vii of section 6 of this act, the stamp dutypayable on a final order for effecting a partition passed by any. Explanation i and ii inserted by maharashtra tax laws levy and amendment act, maharashtra 29 of 1994, and deleted by maharashtra 38 of 1994 w. The levy and collection of stamp duty is governed by the maharashtra stamp act, 1958 ms act and indian stamp act 1899 as applicable to the state. The maharashtra stamp act,1958 applies to the entire state of maharashtra. Whereas, it is expedient further to amend the maharashtra stamp act, for the purposes hereinafter appearing. Maharashtra stamp act amendment bill 202015 comes into force from 24042015.
According to the act, the stamp duty is equivalent to 7\\% of the transaction value. All other instruments are either chargeable under the indian stamp act e. The rates of stamp duty leviable on the instruments executed under the act are mentioned in the schedulei of the ms act. The bombay stamp act, 1958 association, banker, bond. Now, therefore, in exercise of the powers conferred by clause 1 of article 2 of the constitution of india, the governor of maharashtra is hereby pleased to promulgate the following ordinance, namely. In fact, the government has been banking on mumbais real estate boom to fuel growth and development. Clause g and h were substituted by maharashtra 9 of 1990, w. Major provisions of the maharashtra stamp act section 2.
Act lx of 1958 title substituted for the bombay stamp act, 1958 as amended by the maharashtra stamp amendment act, 2016 mah. Stamp duty and registration fee is the second largest tax revenue of the state. Nov 27, 2018 stamp duty and registration charges in mumbai remain one of the biggest sources of revenue for the state government of maharashtra. Decoding the amendments to indian stamp act, 1899, for. Power of payer to stamp bills and promissory notes. That apart the arbitrariness and irrationality of the said section. Lx of 1958 this act received the assent of the president on 4 th june, 1958. Definitions, in this act, unless there is anything repugnant in the subject or context. Adoption deed, that is to say, any instrument other than a will recording an adoption or conferring or purporting to confer an authority to adopt. Nonliability for loss of instruments sent under section 38 47.
This act is intended to levy stamp duty on certain types of documents executed in the state or brought from outside for acting upon the same in the state. Maharashtra stamp amendment act, 2017 47 of 2017 amended by maharashtra act no. Stamp duty it is an indirect tax collected by the state government in maharashtra. Bombay stamp act, 1958 stamp duty instruments ambure. Instruments written contrary to section, 14 or 14a deemed not duly stamped. Stamp duty and registration charges in mumbai remain one of the biggest sources of revenue for the state government of maharashtra. Key changes made by way of maharashtra stamp amendment. The maharashtra stamp act is based on the information of the act number xxxvii of 1996. In some cases the principal act andor amendment act may not be available. The bombay stamp act applies to the entire state of maharashtra.
Act not applicable to rates of stamp duty on bills of exchange etc. While the city was exempted from the statewide hike of one per cent in the stamp duty in october 2017, the. Amended uptodate detailed information of allied laws has all. Lx maharashtra stamp act 7 chapter i preliminary 1. The bombay stamp act, 1958 act 60 of 1958 keywords. This act may be called the maharashtra stamp amendment act, 2015. Association, banker, bond, chargeable, clearance list, duly stamped. Stamp duty implications on eagreements vinod kothari. While the city was exempted from the statewide hike of one per cent in the stamp duty in october 2017, the municipal corporation of mumbai in november. Maharashtra stamp act blogs compliance calendar llp.
Lx description of instrument savings banks act, 1873 or the indian succession act, 1925 a where exceed rupees 2,500 b in any other case. Recently the state cabinet had amended the maharashtra stamp duty act and had hiked the stamp duty on gift deeds from rs 500 to 3% of the land value. The maharashtra stamp act maharashtra housing and building laws. Whereas it is expedient further to amend the maharashtra land xli of 1966. Indian stamp act, 1899 bare acts law library advocatekhoj. Apr 08, 2019 the finance act, 20191 amendment proposes to make some significant amendments to the indian stamp act, 1899 act. The indian stamp act, 1899 maharashtra housing and building. Maharashtra bare acts maharashtra stamp act wholesaler. Subclause a substituted by the maharashtra tax laws levy, amendment and validation act, 2009 maharashtra 17 of 2009 w. First published, after having received the assent of the governor in the maharashtra government gazette, on the 22nd august 2016.
Power to revenueauthority to refund penalty or excess duty in certain cases 46. Maharashtra stamp act amendment bill 202015 comes into. Pdf the maharashtra stamp act abhijeet naik academia. Validity of differential stamp duty on instruments. The bombay stamp act, 1958 came into force on 16th february, 1959 and is applicable in the state of maharashtra. Annexure 4 maharashtra stamp amendment act 2015 npci. Stamp duty is payable under section 3 of the maharashtra stamp act. Lx of 1958 1 this act received the assent of the president on 4th june 1958, and assent was first published in the bombay government gazette, part iv, on the 11th june, 1958. Added by the bombay stamp amendment act, 2008 maharashtra 16 of 2008 w. Short title this act may be called the transfer of property act, 1882.
On 24 th april, 2015, the erstwhile maharashtra stamp act, 1958 hereinafter referred to as principal act received the assent of the governor, to be called as the maharashtra stamp amendment act, 2015. Maharashtra bare acts maharashtra stamp act wholesaler from. The article 2 was substituted by the maharashtra stamp amendment act, 2015, s. Prs or any persons connected with it shall not be in any way responsible for any loss, damage, or distress to any person on account of any action taken or not taken on the basis of this document. Principal acts may or may not include subsequent amendments.
Award under section 18 of the bombay hereditary offices act, 1874 bombay iii of 1874 or section 330 of the maharashtra municipalities act, 1965 maharashtra xl of 1965. An act further to amend the maharashtra land revenue code, 1966. The finance act, 20191 amendment proposes to make some significant amendments to the indian stamp act, 1899 act. On 24th april, 2015, the erstwhile maharashtra stamp act, 1958 hereinafter referred to as principal act received the assent of the governor, to be called as the maharashtra stamp amendment act, 20151. Further, as per rule 3 of the maharashtra epayment of stamp duty and refund rules 2014, the stamp duty required to be paid under the act, may be paid online into the virtual treasury through government revenue and accounting system gras. Only the instruments specified in the schedule i to the act are covered by this act. The above referred proviso exempts stamp duty on any instrument executed, by, or, on behalf of, or, in favour of, the developer, or unit, or in connection with the carrying out of purposes of the sez. Definitions in this act, unless there is anything repugnant in the subject or context, a association means any association, exchange, organization or body of individuals, whether incorporated or not, established for the purpose. Schedule i and ii to the maharashtra stamp act bom. The primary objective of the amendment is to set up a zeroevasion centralised collection mechanism under which stamp duty is collected through one agency, at one place and on one instrument for securities market transactions. Various changes have been made in the principal act and some new provisions have been inserted for more clarity in understanding. Jan 19, 2020 further, as per rule 3 of the maharashtra epayment of stamp duty and refund rules 2014, the stamp duty required to be paid under the act, may be paid online into the virtual treasury through government revenue and accounting system gras. The provisions of stamp act were amended in 2005 through section 57 of sez act by insertion of proviso 3 to section 3 of the stamp act.
Maharashtra stamp amendment and validation act, 2017. An act to consolidate and amend the law relating to stamps and stamp duties in the state of bombay whereas it is expedient to consolidate and amend the law relating to stamps and rates of stamp duties other than those in respect of document specified in entry 91 of listi in the seventh schedule of the constitution of india in the state of bombay. These words were substituted for one hundred rupees maharashtra act 22 of 2001, section 61. Bombay stamp act 1958 complete act citation 5898 bare. Validity of differential stamp duty on instruments executed. An act to amend the law relating to the transfer of property by act of parties preamble whereas it is expedient to define and amend certain parts of the law relating to the transfer of property by act of parties. Copy of any document including power of attorney liable to stamp duty under the maharashtra stamp act, or the indian stamp act, 1899 or any corresponding law in force, as the case may be, when left by any party to a suit or proceeding in place of the original withdrawn. The maharashtra stamp act 2017 edition by sunil dighe key contents of the maharashtra stamp act 2017 edition bom.
In maharashtra, it is done under the ambit of maharashtra stamp act 1958. B however, if the development agreement has been executed only between the housing society original owner and developer, the document transferring the flatunit in individual favour of the original member of the housing society will not be treated as an. The amount of stamp duty payable depends on type of documents. Section of the bombay stamp act, 1958 indian act law. Maharashtra government revokes decision to hike stamp duty on property gift deeds 19 may, 2017, 10.
X of 2012 first published, after having received the assent of the president, in the maharashtra government gazette, on the 25 th may, 2012 an act to further amend the registration act, 1908, in its application to the state of maharashtra. In section 9 of the maharashtra stamp act hereinafter referred to as the principal act, in clause a,for the word duties the words duties or penalty, ifany, or both shall be substituted and shall be deemed to have. These words were substituted for the words two hundred rupees by the maharashtra stamp amendment act, 2015, s. Amended uptodate detailed information of allied laws has all the important rules and notification.
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